In the history of U.S. foreign and defense strategy, no presidential administration ever cultivated the rise of new, powerful groupings of nation states that oppose the United States as the Biden Administration has.
Goldman: "within the systematic community CTA/trend followers remain net long, and risk-parity style strategies have been gradual buyers in recent months, with length above multi-year average levels as e.g. SPX 6-12mth realized vol is not far form 5-year lows."